This excerpt taken from the VZ DEF 14A filed Mar 23, 2009.
Related Person Transaction Policy
Definitions. For purposes of this Policy,
Related Person means:
Related Persons Firm means any firm, corporation or other entity in which a Related Person is an executive officer or general partner or in which all Related Persons together have a 10 percent or more ownership interest.
Transaction means any transaction, arrangement or relationship with Verizon since the beginning of the Corporations last fiscal year in an amount greater than $120,000 that involves or will involve a Related Person or a Related Persons Firm. It does not include:
Related Person Transaction means a Transaction in which a Related Person is determined to have, had, or will have a direct or indirect material interest.
Policy Statement. The Board of Directors recognizes that Related Person Transactions can present potential conflicts of interest (or the perception thereof) and therefore has adopted this policy which shall be followed in connection with all Related Person Transactions involving the Company.
Process. Annually, each Director and Officer shall submit to Verizon the name and employment affiliation of his or her Immediate Family Members and the name of any Related Persons Firm with which any of them are affiliated. Directors and Officers shall notify Verizon promptly of any changes to this information. Each Director and Officer shall also identify any Transaction that they, their Immediate Family Members or their Related Person Firms are or will be involved in. On an ongoing basis, Directors and Officers shall promptly advise the Committee of any changes to such Immediate Family Members, Transactions or Related Person Firms.
Management shall submit Transactions and appropriate supplemental information to the Corporate Governance and Policy Committee for its review.
The Corporate Governance and Policy Committee shall review Transactions in order to determine whether a Transaction is a Related Person Transaction. The Committee shall take such action with respect to the Related Person Transaction as it deems necessary and appropriate under the circumstances, including approval, disapproval, ratification, cancellation, or a recommendation to management. Only disinterested members of the Committee shall participate in those determinations. In the event it is not practical to convene a meeting of the Corporate Governance and Policy Committee, the Chair of that Committee shall have the right to make such determination and shall promptly report his or her determination in writing to the other members of the Committee.
The Committee shall report its action with respect to any Related Person Transaction to the Board of Directors.